TORONTO, April 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- IMAX Corporation (NASDAQ:IMAX; TSX:IMX) (the "Company") announced today that it has received consents from the holders of a majority of its $160 million aggregate principal amount of outstanding 9 5/8% Senior Notes due 2010 (the "Senior Notes") to extend the deadline to file its Annual Report on Form 10-K for the year ended December 31, 2006 and all other reports required to be filed by it under the Securities Exchange Act of 1934, until May 31, 2007 or at its election until June 30, 2007. The consent will constitute a waiver of any existing defaults arising from a failure to comply with the reporting covenant under the indenture governing the Senior Notes.

The Company also announced today that it has extended the consent deadline for the consent solicitation until 12:01 p.m., New York City time, on April 16, 2007, and additional holders may consent or consenting holders may revoke consents prior to such time. Holders of the Senior Notes are referred to the Company's Consent Solicitation Statement dated April 3, 2007 and the related Consent Form for the detailed terms and conditions of the consent solicitation.

The Company expects that the Company and the trustee under the indenture governing the Senior Notes will execute a supplemental indenture to effect the proposed amendments and waiver at or shortly after 12:01 p.m., New York City time, on April 16, 2007.

In addition, the Company was informed by the holder referenced in the Company's Consent Solicitation Statement dated April 3, 2007 as having agreed to consent its Senior Notes that the holder was unable to consent with respect to $25.1 million aggregate principal amount of Senior Notes beneficially owned by such holder.

The Company has retained Global Bondholder Services Corporation to serve as its information agent and tabulation agent for the consent solicitation. Requests for documents should be directed to Global Bondholder Services Corporation at (866) 857-2200 (toll-free) or (212) 430-3774. The Company has also retained Credit Suisse as solicitation agent for the consent solicitation. Questions concerning the terms of the Consent Solicitation should be directed to Credit Suisse, Attention: Liability Management Group, at (212) 325-7596 (collect).

This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell or a solicitation of consents with respect to any securities. The consent solicitation is being made solely pursuant to the Company's Consent Solicitation Statement dated April 3, 2007 and the related Consent Form.

About IMAX Corporation

IMAX Corporation is one of the world's leading entertainment technology companies, specializing in digital and film-based motion picture technologies. The worldwide IMAX(R) network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R) technology. IMAX DMR is the Company's groundbreaking digital remastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience(R). IMAX's renowned projectors display crystal-clear images on the world's biggest screens, and the IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2006, there were 280 IMAX theatres operating in 40 countries.

IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX MPX(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.

This press release contains forward looking statements that are based on management assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, the performance of films, the viability of new businesses and products, the outcome of the Company's current accounting review, risks arising from potential material weaknesses in internal control over financial reporting, the ability to satisfy the reporting covenant by the amended filing deadlines, risks associated with the inability to obtain the requisite consents, the extent and impact of the restatement of our financial statements, the outcome of the appeal of the NASDAQ Staff Determination letter and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2005.

SOURCE IMAX Corporation

Media: IMAX Corporation, New York, Sarah Gormley, (212) 821-0155, sgormley@imax.com; Business Media: Sloane & Company, New York, Whit Clay, (212) 446-1864, wclay@sloanepr.com; Investors: Integrated Corporate Relations, Amanda Mullin, (203) 682-8243, Amanda.Mullin@icrinc.com

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